In an update to shareholders, Ossett-based Carclo said it had performed solidly in the full year to 2021 and exits the year with stable foundations and building momentum.

It said: “The overall Group performance has enabled significant capital investment to be made to facilitate future business growth whilst retaining a strong financial position with net debt excluding IFRS16 lease liabilities at 31 March 2021 reducing to £20m (31 March 2020 £22.1m).

Carclo said it had seen slightly lower annualised product sales being partially offset by strong tooling revenue year on year (tooling revenues are generally a precursor to new product sales).

The Group took swift action to reduce its cost base and utilise regional government support schemes, where appropriate, to mitigate a substantial amount of the margin pressure on the group arising from the pandemic.

It said: “Momentum built steadily in the second half of the year with a successful focus on winning new business, operational execution and cash generation. As a result, and with demand in a number of key markets strengthening faster than was previously anticipated, the Group expects to report, subject to audit, total revenues for the CTP division broadly in line with last year, and Aerospace division revenues (which comprise less than 5% of Group total revenues) materially below last year, following the COVID-19 pandemic impact on the Aerospace sector.

It praised the response from its workforce throughout the pandemic, with the board placing on record its thanks for “the support, resilience, commitment and resourcefulness shown by our

employees at a time of such unprecedented challenge”.

However it added that the pandemic had presented significant challenges and that it was mindful of the risks posed by further outbreaks as well as ongoing disruption to global supply chains.

Carclo added that Frank Doorenbosch, who was appointed a Non-Executive Director on 1 February 2021, will take over as Chairman of the Remuneration Committee from David Toohey, the current Remuneration Committee Chairman, with effect from 30 April 2021.

David will step down from the board on 30 April 2021.